Designing an optimal healthcare strategy in the digital era is a complex and challenging task for most C-Suite leaders. Some of the main reasons for this complexity are the fast paced technological advances we are witnessing in this digital era, the flurry of dynamic integrations among healthcare and IT companies, as well as disruptive new entrants into the healthcare industry such as Google, Amazon, Walmart, CVS etc.
C Suite leaders designing healthcare strategy in this digital era need to be aware of the latest technological trends and be highly digitally literate in order to make sound decisions. In the past, having strong business- and financial acumen was sufficient. Now they are expected to also know about Cybersecurity, Internet of Things, Artificial Intelligence, Wearables, Telehealth, Nanotechnology, Robotics, 3D Printing, Blockchain etc.
These are also the same factors that have caused many experts to label our current era as the 4th industrial revolution, which is defined as a blending of boundaries between the physical, digital and biological worlds
The barriers that are considered most challenging by most healthcare leaders faced with designing an optimal strategy are: the incongruence between emergence of new technologies and the traditional 2-4 year strategy lifecycles, legacy budgeting systems that are not flexible and lack of agility in the strategic deployment. Additionally, they are facing a shift from fee for service reimbursement towards value based care payments, which places additional burdens when trying to show a positive return on their investments.